Dow, S&P 500 end up slightly after trade talk news; Apple slips
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* Apple shares lower; unveils larger iPhones
* Chip shares fall; Goldman warns on lower prices for memory
* Indexes: Dow up 0.1 pct; S&P up 0.04 pct, Nasdaq down 0.2
(Updates to close)
By Caroline Valetkevitch
NEW YORK, Sept 12 (Reuters) - The Dow and S&P 500 ended
slightly higher on Wednesday after news of a fresh round of
U.S.-China trade talks, while the Nasdaq fell following a
decline in Apple as it unveiled larger iPhones but made just
minor changes to its offerings.
The Trump administration has reached out to China for a new
round of trade talks as it prepares to activate punitive U.S.
tariffs on $200 billion worth of Chinese goods, according to two
people familiar with the matter.
Trade-sensitive stocks rose, including Boeing, up 2.4
Apple shares were down 1.2 percent. The company
also unveiled health-oriented watches based on the design of
"Looks like the Street is yawning at Apple's new iWatch,
iOs12 and iPhone offerings," said Daniel Morgan, vice president
and senior portfolio manager at Synovus Trust Company in
Atlanta. "This adds to the concerns on tariffs, social media
testimony and chips to make it a tough day for tech."
Shares of fitness device rival Fitbit Inc fell 6.9
while shares of Garmin Ltd lost some earlier gains and
were flat after the launch of Apple's latest Apple Watch.
The S&P technology index was down 0.5 percent,
reversing Tuesday's gains, with fears of further deregulation
also hurting Apple as well as social media names.
The Dow Jones Industrial Average rose 27.86 points,
or 0.11 percent, to 25,998.92, the S&P 500 gained 1.03
points, or 0.04 percent, to 2,888.92 and the Nasdaq Composite
dropped 18.25 points, or 0.23 percent, to 7,954.23.
Six major Web and Internet service companies, including
Apple, are to detail their consumer data privacy practices to a
U.S. Senate panel on Sept. 26, raising the specter of the
possibility of stricter regulation.
Among the six companies to testify later this month, Twitter
shares were down 3.7 percent, while Alphabet
was down 1.5 percent.
Facebook, not among the companies to testify, was
down 2.4 percent.
The Philadelphia Semiconductor index was down 1.2
percent after Goldman Sachs became the latest brokerage to warn
of lower prices for memory chips due to an oversupply of DRAM
and NAND chips. Micron slid 4.3 percent, while Applied
Materials was down 2 percent.
Financial shares lost ground with 10-year bond yields
. The S&P financial index was down 0.9
Advancing issues outnumbered declining ones on the NYSE by a
1.35-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favored decliners.
The S&P 500 posted 31 new 52-week highs and 6 new lows; the
Nasdaq Composite recorded 81 new highs and 89 new lows.
About 7.1 billion shares changed hands on U.S. exchanges.
That compares with the 6.2 billion daily average for the past 20
trading days, according to Thomson Reuters data.
(Additional reporting by Shreyashi Sanyal in Bengaluru;
Editing by Cynthia Osterman and Alistair Bell)
First Published: 2018-09-12 13:49:29
Updated 2018-09-12 22:41:58
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